- Data analytics firm Palantir Technologies raised its annual revenue and profit forecast and beat first-quarter sales estimates on Monday, riding on strong demand for its services that help businesses deploy artificial intelligence applications. The company has emerged as a winner of the generative AI boom thanks to its artificial intelligence platform, which is used to test and debug code and help evaluate AI-related scenarios, among other uses.
Shares of the company were down 6% in volatile extended trading after closing up 8% on Monday. Its stock has risen about 36% so far this year. However, the company has been trying to diversify its revenue to reduce its reliance on government spending. Its government revenue rose 16% in the quarter ended March 31, while commercial revenue jumped 27% as U.S. commercial customer count in the segment increased 69%.